Gingrich: Obama has ‘anti-American’ energy policy
WASHINGTON — Newt Gingrich is asserting that President Barack Obama pursues an “outrageously anti-American” energy policy that snubs the Keystone oil pipeline and puts too much stock in electric car technology to wean the country from foreign oil dependency.
The former House speaker tells CBS’s “This Morning” show gasoline prices have skyrocketed since Obama took office. He says Obama entertains a “fantasy” that the electric car “is going to liberate us from Saudi Arabia.”
the real world
U.S. oil gusher blows out projections
The United States’ rapidly declining crude oil supply has made a stunning about-face, shredding federal oil projections and putting energy independence in sight of some analyst forecasts.
After declining to levels not seen since the 1940s, U.S. crude production began rising again in 2009. Drilling rigs have rushed into the nation’s oil fields, suggesting a surge in domestic crude is on the horizon.
The number of rigs in U.S. oil fields has more than quadrupled in the past three years to 1,272, according to the Baker Hughes rig count. Including those in natural gas fields, the United States now has more rigs at work than the entire rest of the world.
The US now producing so much gasoline that it is exporting the stuff to other countries.
So why are oil prices rising? Do the Administration’s policies have much to do with the increase in gas prices at the pump? Some folks don’t think so, but then some folks aren’t focused solely on the upcoming elections in America.
Speculation driving oil prices
LONDON, Feb. 21 (UPI) — Fretting over the saber rattling with Iran, rather than an actual issue in the oil market, is what is driving energy prices up, an executive from Total said.
The European Union said last month it would place an embargo on Iranian crude oil starting July 1, prompting Iranian lawmakers to consider legislation to pre-empt the Europeans. Prior to that, Iran threatened to close key oil-shipping lanes in the Strait of Hormuz in retaliation to increased sanctions pressure.
Christophe de Margerie, the top executive at French supermajor Total, was quoted by the Platts news service as saying speculators were driving oil prices up.
“All the noise on whether (the ban) will affect the price is what is affecting the price,” he said.
Is it possible that the multi-national oil companies are raising prices for some reason other the actual costs of producing their products? What happened to supply and demand economics? The US produces enough fuel that it is now exporting more than it imports, yet prices continue to rise – Why?
Higher gasoline prices could hurt recovery, Obama’s re-election chances
Obama’s approval ratings have steadily climbed since the debt-ceiling debacle last year, reaching 47 percent last week according to the Gallup poll, the highest they’ve been since June 2011.
But gasoline sticker shock could change that trend, many Republicans believe. House Speaker John Boehner reportedly has urged GOP House members to make gas prices an issue on the campaign trail this fall.
Republican presidential candidates Rick Santorum, Mitt Romney and Newt Gingrich also have moved gas prices to prominent positions in their stump speeches. Gingrich in particular has made fuel prices a campaign theme, bitterly criticizing the administration at every campaign stop.
“Stop bowing. Start drilling,” the Gingrich website proclaims.
Santorum also has made the price of gas an issue.
“This president systematically is doing everything he can to raise the price of energy in this country,” he said over the weekend.
Robert Dewhirst, a political science professor at Northwest Missouri State University, said the attacks are predictable. Gasoline prices are among the most important issues for any presidential candidate, he said, because they become a campaign commercial every time the tank is filled.